PAN Pensioneer Trustees Limited: Small Self Administered Schemes (SSAS)

PAN Pensioneer Trustees Limited was established to act as the mandatory Revenue-approved 'pensioneer' trustee for a SSAS.

A SSAS scheme is an occupational pension scheme set up to provide retirement benefits for a small group of senior employees, often the directors of a family owned business. It is common practice for the assets of a SSAS to be used as part of the Company's financing, either as a loan or in the form of a property leased to the Employer. Because of the close links between the Employer, the trustees and the members, the Revenue required a SSAS to have an external 'pensioneer' trustee. Prior to April 2006, the pensioneer trustee was required to be a co-owner of all Scheme assets and to be a signatory on all bank accounts.

Following 'Simplification' introduced in April 2006 by the Finance Act of 2004, there is no official recognition of a SSAS although they are covered by the term 'Member-Directed Pension Scheme'. Many of the restrictions and tax liabilities applying to all pension schemes have particular relevance to SSAS-type Schemes.

PAN Pensioneer Trustees continues to provide services for Small Self Administered Schemes, including trusteeship, day to day administration and general technical advice.

For more information on the services we can provide, please contact Graham Robilliard.

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